J.C. Penney Co. says Myron E. Ullman III is stepping down as chairman and will be replaced by board member Thomas Engibous on Jan. 28. AP

Tiffany & Co. cut its full-year earnings forecast after a holiday season dampened by cautious spending the U.S. and Europe, adding to worries that economic uncertainties in the regions have dashed demand from luxury shoppers. WSJ

Nordstrom Inc. is adjusting its loyalty program to make rewards less expensive to come by, the high-end department store’s latest effort to draw a broader range of buyers for luxury goods. WSJ